Mississippi Insurance Settlements and the Statute of Limitations

Most accident victims want to settle their cases as quickly as possible and return to normalcy. However, insurance companies can be reluctant to fulfill a claim. If the insurer waits too long, the victim may lose their compensation and their ability to file a lawsuit. That’s why it’s important to understand Mississippi insurance settlements and the statute of limitations.

Insurance Bad Faith

If an insurance company refuses to honor or acknowledge a valid claim, they may be acting in insurance bad faith. This term refers to insurers who dodge their clients or who twist the language to avoid payouts.

A few examples of insurance bad faith include:

· Frequent Rescheduling

· Misinterpretation of Policy

· Failure to Provide Agreed Upon Compensation

Any policyholder who identifies these practices should speak to an attorney as soon as possible. An insurance adjuster who constantly reschedules meetings or who refuses to take calls is especially troubling.

If the insurance company waits too long to settle, the statute of limitations could run out, depriving the victim of their rightful compensation. This can be devastating for anyone facing exorbitant hospital bills and harassing calls from debt collectors.

The Statute of Limitation

The statute of limitations is the maximum window of time someone can wait after an incident to file a lawsuit. If the time limit runs out, so too does your ability to file a claim in the future.

Filing a claim with the court takes time and preparation. Seeking an attorney a month before the statute of limitations expires may not provide enough time to prepare a case and file a formal claim. Claimants should be proactive and seek legal repetition as soon as they realize something is wrong.

If your insurance company refuses to honor your claim, you must act quickly. If you wait too long, you may not receive the full value of your insurance policy or damages caused by the insurance company’s bad faith.

In Mississippi, the statute of limitations for injury cases are as follows:

· Injury to a Person: 3 years from the time of the inciting event

· Medical Malpractice: 2 years from the time of discovery

· Injury to Property: 3 years from the time of the inciting incident

Contact an Attorney

If your insurance company refuses to answer your calls or provide a settlement, you should speak to an attorney immediately. An attorney can help you recover the compensation you deserve and can pursue additional damages against the insurance company, possibly amounting to several times the value of the original policy.